Business Sense

Should You Act Now While Rates Are Still Low?

Tuesday, August 13, 2013
Demand for housing is strong and continues to grow. According to Fannie Mae’s June 2013 Housing Survey, the combination of positive attitudes towards personal finances, improved financial prospects and low interest rates are encouraging many prospective homeowners to buy now.

Although interest rates are still at near historic lows, increases are likely to continue as demand in the housing market heats up. With the economy continuing to improve, the Federal Reserve may begin cutting back on their bond-buying program some time this year, resulting in higher rates.

Now is a great time to consider refinancing or buying a property.

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NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS 

EFFECTIVE JANUARY 1, 2013

By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.

For more information about FDIC insurance coverage of noninterest bearing transaction accounts, visit www.fdic.gov.


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